M&M close to buying Reva?

The sources pointed out that while M&M may take over the management control of the Bangalore-based electric car maker, it would likely retain the 'executive' services of Reva's deputy chairman and chief technology officer Chetan Maini.

When contacted, a Mahindra & Mahindra spokesperson said: "Please note that as a matter of company policy we do not comment on speculation."

M&M shares slipped 2.48 per cent to Rs 516.15 on BSE.

Repeated calls and SMSes sent to Maini remained unanswered. He had, however, last month dismissed reports about M&M picking up stake in the company as 'speculation'.